January home sales 'slowest we've seen on record' in Victoria: VREB
The Victoria Real Estate Board says 2023 is off to a slow start for home sales in the region.
Some 278 properties were sold in the Victoria area in January, down a whopping 41.4 per cent compared to the same time period in January 2022, and a decrease of 13.1 per cent compared to December 2022.
"If you’re looking at the statistics, this January was one of the slowest we’ve seen on record," said VREB chair Graden Sol in a release Wednesday.
"However, we did see a mid-month surge in activity as buyers seemed to regain confidence after the rapid interest rate increases of last year," he said.
Sol speculates that buyers and sellers may return to the market now that tumultuous interest rates have mostly settled down in Canada.
"Interest rates, continued low inventory and the greater economic situation in our area will determine what our early spring market will look like," he said.
Over the course of January, there were 1,739 active listings on the VREB "multiple listing service," marking a dramatic increase of about 133.7 per cent compared to the same time last year, when 744 active listings were on the service.
Sol notes that interest in properties that represent middle housing in Victoria remained relatively high during the slow month of January.
"The Victoria city council voting to move forward with their missing middle housing program is a great step in the right direction when we are considering how low inventory has impacted the attainability of housing in the CRD," said Sol.
"But this is one step in a marathon of work to be done to increase housing opportunities to meet our community’s short- and long-term needs," he said.
Sol encourages every municipality in Greater Victoria to continue adding housing density and inventory where possible.
Data from VREB's multiple listing service put the benchmark price of a home in Victoria at $1.25 million, in January, while the benchmark price for a condo was $578,300.
CTVNews.ca Top Stories
Widow looking for answers after Quebec man dies in Texas Ironman competition
The widow of a Quebec man who died competing in an Ironman competition is looking for answers.
Tom Mulcair: Park littered with trash after 'pilot project' is perfect symbol of Trudeau governance
Former NDP leader Tom Mulcair says that what's happening now in a trash-littered federal park in Quebec is a perfect metaphor for how the Trudeau government runs things.
World seeing near breakdown of international law amid wars in Gaza and Ukraine, Amnesty says
The world is seeing a near breakdown of international law amid flagrant rule-breaking in Gaza and Ukraine, multiplying armed conflicts, the rise of authoritarianism and huge rights violations in Sudan, Ethiopia and Myanmar, Amnesty International warned Wednesday as it published its annual report.
Photographer alleges he was forced to watch Megan Thee Stallion have sex and was unfairly fired
A photographer who worked for Megan Thee Stallion said in a lawsuit filed Tuesday that he was forced to watch her have sex, was unfairly fired soon after and was abused as her employee.
Amid concerns over 'collateral damage' Trudeau, Freeland defend capital gains tax change
Facing pushback from physicians and businesspeople over the coming increase to the capital gains inclusion rate, Prime Minister Justin Trudeau and his deputy Chrystia Freeland are standing by their plan to target Canada's highest earners.
U.S. Senate passes bill forcing TikTok's parent company to sell or face ban, sends to Biden for signature
The Senate passed legislation Tuesday that would force TikTok's China-based parent company to sell the social media platform under the threat of a ban, a contentious move by U.S. lawmakers that's expected to face legal challenges.
Wildfire southwest of Peace River spurs evacuation order
People living near a wildfire burning about 15 kilometres southwest of Peace River are being told to evacuate their homes.
U.S. Senate overwhelmingly passes aid for Ukraine, Israel and Taiwan with big bipartisan vote
The U.S. Senate has passed US$95 billion in war aid to Ukraine, Israel and Taiwan, sending the legislation to President Joe Biden after months of delays and contentious debate over how involved the United States should be in foreign wars.
'My stomach dropped': Winnipeg man speaks out after being criminally harassed following single online date
A Winnipeg man said a single date gone wrong led to years of criminal harassment, false arrests, stress and depression.